Mortgages

A federal indictment said 11 defendants participated in a fraudulent loan modification business that took advantage of homeowners who were having difficulty paying their monthly mortgage payments.

Inlanta Mortgage named Nicholas DelTorto, the founder and former CEO of Amerihome Mortgage, as its new president.

A total of 17,781 Illinois properties received a filing of default, auction or repossession in August, up 42% from a year earlier and the eighth straight monthly increase on an annual basis.

FHA residential servicers completed 27,150 short sales during the first nine months of fiscal year 2012, a 65% spike in such transactions.

The ultimate goal default management firms have when maintaining REO properties on behalf of servicers is to provide their clients’ nonperforming assets with the greatest amount of value so they can be sold for more money.

Loan brokers originated 11.3% of all residential loans in the second quarter, their best showing in almost two years.

An iPhone app released by Radian Guaranty allows users to check eligibility and calculate rates for the Philadelphia-based mortgage insurer’s products.

The Federal Housing Administration is bracing for a large spike in insurance claim payments now that servicers have adjusted to the requirements of the $25 billion robo-signing settlement with the nation’s attorneys general.

It takes an average of 56.3 months, or almost five years, from a missed payment to the liquidation of a mortgaged property in New York.

JPMorgan Chase recently dismissed 74 employees in Florida as the lender shuffles staff to accommodate demand for mortgage refinances.

File this under rumor: residential mortgages that are not eligible for sale to Fannie Mae/Freddie Mac/FHA (insurance) are being quietly originated and kept on the balance sheet of community lenders.

Restaurants are using CRM to cater to their regular customer preferences. Mortgage originators should do the same thing.

Mortgage bankers saw new applications spike by 11% for the week ending Sept. 7—thanks to continued low interest rates.

Mortgage Guaranty Insurance Corp. wrote $2.5 billion of new insurance policies in August, a 4% increase from the month prior.

Astoria Financial has already originated more multifamily and commercial real estate loans this year than it did in all of last year.

The House passed a bill that requires the Federal Housing Administration to submit a plan to Congress on how it intends to avoid a government bailout of its financially strapped mortgage insurance fund.

Distressed asset liquidation timelines will continue to coerce the decision making process for both lender-servicers and homeowners.

Demand for foreclosed properties is heating up in certain markets where the supply is shrinking at increased speed.

Government entities, investors and lenders are embracing efforts to minimize foreclosure related losses by keeping properties occupied.

The Revitalizing Auto Communities Environmental Response Trust recently reached an agreement to sell the former General Motors Mansfield-Ontario Stamping Plant to the Brownfield Communities Development Company.